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The NSE index has dipped as much as 0.66 per cent and has cut below a support at 11,956.99.
Support at 11,956.99 is identified as the 14.6% Fibonacci retracement level on the uptrend from its May 14 low to its June 3 high.
The index's wave pattern suggests it completed wave B of a three-wave downtrend at the psychological level of 12,000 on Monday.
The index may test a crucial support at 11,867.56, the 23.6 per cent level; this level is now turning crucial as a break below it will confirm that the index is indeed in a downtrend.
A further fall below Friday's low of 11,769.65 may result in a deeper correction. On the upside, a break above 11,956.99, the 14.6 per cent level, may lead to a rally.
As of last close, the index is up 10.15 per cent this year, outperforming the broader MSCI's Asia Pacific ex-Japan local currency index's 7.96 per cent gains in the same period.
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